No layoffs this year, says Ajman Bank

Dubai - Decision taken as part of CSR initiative and to strengthen UAE's position as a stable, attractive destination for investment.

Ajman Bank on Saturday said it will not lay off any employee this year despite pressure on the local banking sector after the outbreak of Covid-19.

The lender said this decision has been taken upon the instructions of Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank.

"Despite the challenges, there will be no reduction of workforce at Ajman Bank in 2020. We have an obligation to make responsible decisions and are committed to manage the economic effects of Covid-19 in a clear and compassionate way creating value for our clients and avoiding addition of emotional distress," CEO Mohamed Amiri said.
"While we all have responsibilities to fulfill, we believe by working together and by prioritising our goals, we will come out of this pandemic stronger than ever before and will see a return of greater stability," he said in a statement on Saturday.

The Shariah-compliant bank said this decision has been taken as part of its corporate social responsibility initiative and to strengthen the UAE's position as a stable and attractive destination for investment.

In line with initiatives taken by other UAE banks, it also announced incentives and sops to its individual and SME customers to overcome Covid-19 shocks.

Ajman Bank's third-quarter 2019 net profit fell to Dh22.2 million compared to Dh40.8 million for the same period last year.

The first nine months of 2019 saw profits slipping from Dh119.8 million to Dh110.1 million.

According to the bank's interim financial results, the bank's staff costs in the third quarter of 2019 fell to Dh43.86 million as compared to Dh49.7 million in the third quarter of 2018. But nine-month staff costs increased from Dh149.2 million in 2018 to Dh154.7 million last year.

- waheedabbas@khaleejtimes.com

• Ajman